J.D. Power, the global marketing information services company best known for customer satisfaction insights based in Weslake Village, California, is being sold by McGraw Hill Financial after 11 years of ownership to London-headquatered XIO Group, a global alternative investments firm, for $1.1 billion in cash. The transaction is expected to close during the third quarter of 2016, subject to regulatory approvals and customary closing conditions. J.D. Power's prominent automotive studies include: U.S. Vehicle Dependability Study, U.S. Automotive Performance, Execution and Layout (APEAL) Study, U.S. Initial Quality Study (IQS), U.S. Tech Choice Study, U.S. Driver Interactive Vehicle Experience (DrIVE) Study, and U.S. Original Equipment Tire Customer Satisfaction Study.
J.D. "Dave" Power III established J.D. Power in 1968 from his kitchen table, with a primary focus in the automotive industry. In 2005, J.D. Power was acquired by The McGraw-Hill Companies for an undisclosed sum believed to be around $400 million.
Headquartered in London, XIO Group has operations in the United Kingdom, Germany, Switzerland, Israel, Hong Kong and mainland China. XIO Group's strategy is to identify and invest in market-leading businesses located across North America and Europe and help these companies to capitalize on untapped opportunities in fast growing markets, particularly in Asia.
On April 27, 2016, subject to shareholder approval, McGraw Hill Financial will be renamed S&P Global to reflect a their direct focus on the financial intelligence businesses.